Real estateIn 2019, Existing Apartments’ Prices Continued To Rise Slowly

4 months ago1003 min

Tokyo Kantei Co., Ltd. announced on January 23 the prices of second-hand (existing) apartments, in three major metropolitan areas in 2019. They adjusted the values for ease of comparison. Tokyo Kantei Co., Ltd. adjusted the numbers so that apartments smaller than 70 square meters would have their floorspace and prices adjusted upward, and apartments larger than 70 square meters would have their floorspace and prices adjusted downward. Therefore, the sizes would be equivalent, at 70 square meters, and only the prices would be different. This makes it easier to do an apples-to-apples comparison.

The average for the Tokyo metropolitan area (not just Tokyo but also the outlying areas) in 2019 was 37.09 million yen (up 2.0% from the previous year). By prefecture, in Tokyo, the average price was 53.00 million yen (up 2.4%), in Kanagawa Prefecture, it was 28.80 million yen (down 0.4%), in Saitama Prefecture, it was 22.85 million yen (up 0.6%), and in Chiba Prefecture, it was 22.85 million yen (up 2.3%). Overall, they rose. Although the rate was in slight decline to a lower level in Kanagawa Prefecture and slowed in Saitama Prefecture, the overall level was raised as the rate of increase in Tokyo went up from the previous year.

The average price in the Kinki Region was 23.3 million yen (up 6.5%). In Osaka Prefecture, it was 25.37 million yen (up 6.2% year on year), and in Hyogo Prefecture, it was 20.43 million yen (up 8.4% year on year). Prices continued to rise due to growing real demand and investment needs in the central area.

The average price in the Chubu Region was 19.38 million yen (up 6.7%). In Aichi Prefecture, it was 21.06 million yen (up 7.4% year on year), and growing real demand and investment needs in the center of Nagoya City drove the whole area’s increase.

In the month of December, the average 70-square-meter apartment (using aforementioned adjustments) in the Tokyo metropolitan area was 37.44 million yen (up 1.3% month on month). The prices rose in Tokyo and Kanagawa, but weakened in Saitama and Chiba. In the Kinki Region, it was 24.10 million yen (up 1.0%), and in the Chubu Region, it was 19.38 million yen (up 0.8%).